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Going digital with your money: think about these things

So much of our lives now are online. In many ways it’s a fantastic development and provides opportunities we could only have dreamed of a generation ago. However, despite all the advantages, there are a handful of instances where an easier life could actually be a bit of hassle.

Going paperless might save you a few quid and cut down on the bits of paper you have stuffed in drawers, but not having a physical copy of a bill or statement can occasionally prove problematic. Though most of these annoyances are fixable, it's worth knowing what you might face.

Here are four times going fully digital for your bills and banking might not be the best idea.

1. When you need to prove your address

How often are you asked for proof of your address? From opening a bank account to getting finance for a new car, more often than not you need a recent bill or bank statement with your name and address printed. If you’ve gone paperless, you might struggle to find something when you need it. Though many let you print these out, it's worth checking if you can do that with yours.

This is even more difficult if you have split who looks after each bill with your partner or housemates (rather than have them in joint name), reducing even more the number of bills in your name in the first place.

2. When you need to show pay and spending history

When you apply for a mortgage, you usually need to supply the last few months of payslips and bank statements. This is to help the lender assess just how affordable a mortgage will be for you.

So if you receive your payslips online, it’s a frustrating experience when you have to find enough for your applications. You’ll need to do the same with bank statements, and this can come with a fee.

3. When you need to access closed accounts

Sometimes you need to find information from an old bill, or check the date you paid for something by credit card – unfortunately if you’ve closed down an old account it could prove difficult getting hold of that information.

 

4. When you’re not careful with security

Banking online has plenty of benefits. But when you do go online, if you're not careful it might become possible for security to be breached, and you could be hacked. Make sure you use unique passwords for your accounts and follow the security advice of your bank and make sure you stay safe online, and hopefully you'll be ok. However, the banks should guarantee your money if any hack isn't down to your mistakes.

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